This investment policy applies to all financial assets of the Otsego District Public Library unless specifically exempted by resolution of the Board.
Secondary to safety and liquidity of ODPL assets is the return on investment. Subject to the constraints of safety and relative liquidity, ODPL will strive to maximize the return on eligible legal investment instruments.
Delegation of Authority to Make Investments:
The responsibility for depositing ODPL funds and conducting investment transactions shall reside with the Library Director or the Library board Treasurer. This shall include the ability to move funds from one institution to another in order to gain a better return.
The governing board of the Otsego District Library, shall select one or more institutions as its primary depository(ies). Eligible institutions will be re-examined as necessary.
- Otsego District Public Library may invest in the following types of securities:
- Bonds, bills, or notes of the United States in which the principal interest is fully guaranteed by the United States: or obligations of the state.
- Certificates of deposit by a state or national bank, savings accounts of a state or federal savings and loan association, or certificates of deposit or share certificates of a state or federal credit union organized and authorized to operate in this state.
- Commercial paper rated prime at time of purchase and maturing no more than 270 days after date of purchase.
- Securities issued or guaranteed by agencies or instrumentality of the United States Government.
- Banker’s acceptances issued by FDIC member banks.
- Mutual funds composed of eligible investment vehicles.
- United States government of federal agency obligation repurchase agreements.
- Investment pools composed entirely of eligible instruments.